Regulatory and Legislative

Employee and Retiree Access to Justice Act Re-proposed

Representative Mark DeSaulnier (D-CA) has introduced HR 9820 – the Employee and Retiree Access to Justice Act. A Senate companion bill S. 5169 was introduced by Senator Tina Smith (D-MN). The bill would do the following.

Deem forced arbitration clauses, class action waivers, representative waivers, and discretionary clauses unenforceable with respect to ERISA and common law claims relating to benefits,
Prohibit the inclusion of such provisions in plan documents, and
Prohibit retaliations against individuals who decline to enter into forced arbitration agreements.

Defined Benefit Plan Defined Contribution Plan Legislative updates

Regulatory and Legislative

Retirement Plan Disaster Assistance May Be Available in Nebraska and New York

The Federal Emergency Management Agency issued Major Disaster Declarations on October 21, 2024, for the following locations: Nebraska severe storms, straight-line winds, tornadoes, and flooding, and New York severe storm and flooding.

Regulatory and Legislative

IRS Issues Yield Curves and Segment Rates for DB Plan Calculations

The Internal Revenue Service has issued Notice 2024-76, which contains updated guidance on factors used in certain defined benefit pension plan minimum funding and present value calculations.

Regulatory and Legislative

Retirement Plan Disaster Assistance May Be Available for North Carolina Potential Tropical Cyclone Eight

The Federal Emergency Management Agency issued a Major Disaster Declaration on October 19, 2024, for North Carolina Potential Tropical Cyclone Eight.